Final Results

Thorpe(F.W.) PLC
20 September 2005

                                 FW Thorpe plc


The following unaudited consolidated results for the year ended 30 June 2005
were announced today:

Abridged financial information

Chairman's Statement

In the financial year to 30th June 2005 your company produced a turnover of
£41.6M an increase of 12% on last year's turnover of £37.2M with a resulting
operating profit before exceptional items of £5.8M being a 16% increase on the
previous year's £5.0M. After accounting for exceptional costs of impairment at
Sugg Lighting, the operating profit for the Group was £5.4M, an increase of 8%
over the previous year. Investment income rose by 29% arising from the
investment of cash generated from operations during the year and resulted in a
profit before tax of £5.8M, up 9% on last year.

The pattern of trading through the year varied unexpectedly from previous years,
probably due to the economic effects of the UK national election. These
variations were marked but differently felt by different group member companies.
Some group members experienced a noticeable drop in orders and activity over the
election period whilst others did not or only sustained mild effects. The effect
appeared to be in proportion to project size with smaller jobs being more easily
suspended over the election period than larger projects, which are carried
forward by their own inertia. These effects have probably led to some loss of
business during the year. Generally, however, as can be seen and understood from
the group performance figures, overall trading has remained encouraging for the
year as a whole.

This year there have been no single large investments in plant, buildings,
equipment or systems, but your company has continued to invest substantial
amounts of money back into the business in a myriad of smaller projects
involving both manufacturing plant and IT systems. One of the larger projects
has been to strengthen group IT infrastructure which, with the increase in
business levels in recent years, had been left lacking in both capacity and
speed of operation. We now enjoy the benefits of the improved IT capability
which in itself will allow us to develop and upgrade our operational system
software.

The company has, as usual derived the majority of its business from within the
UK but this result should not cloud the determination expressed last year to
increase the proportion of business obtained from overseas mature markets
especially within the EU. Group exports this year were 14% of total turnover an
increase of 17% on the last financial year.

At the halfway stage I made some comment in regard to mixed performance within
the group and whilst in hindsight some of that performance may well have been
due to the effects of the election period, reviews prompted in certain areas of
our business have, in themselves, been very useful, for example, in bringing
Thorlux back to the high level of productivity previously enjoyed but which had
been reducing due to the pressure of rapid output growth in very recent years.
These reviews also helped in re-focusing product direction at Mackwell
Electronics and crystallising a new forward plan for Sugg Lighting.

The above results have prompted your board to recommend a final dividend of 7.5p
which taken with the, already paid interim dividend, makes a total for the year
of 10p being a 16% increase compared to last year.


Review of Divisions

Thorlux Lighting.
Thorlux, the group's manufacturer of commercial, flood and industrial lighting
products and systems has again enjoyed buoyant trading throughout the year and,
with a 'close eye' on operations, Thorlux has returned a turnover up 16% on 2004
resulting in an operating profit up 26% over that period. Few new products were
introduced during this financial year but a high proportion of sales emanated
from those new products added within the very recent years. Product design,
however continued apace so that 2005/6 will see further exciting new products
added to the Thorlux portfolio. On the 'heaviest end' the Thorlux tunnel
luminaire range and its associated remote control systems have enjoyed further
success with new tunnel lighting projects having been gained within the UK.

On the export front, whilst Thorlux sales to traditional export markets via a
traditional agency network have been maintaining in value, the proportion of
total turnover has continued to decline. The wish to carve out a substantial
market under the trade name Thorlux in the sophisticated EU area remains, and
the Company's spearhead Munich based operation in Germany has enjoyed an
encouraging year giving the confidence to double the staff to two. The root
foundations, as mentioned last year, have been laid and the current mission is
to find quality customers who are willing to try products from the 'new kid on
the block'. On the same theme Thorlux will also be reverting again to company
employed staff to cover the Republic of Ireland.

Mackwell Electronics
Mackwell, the group's manufacturer of electronic emergency lighting control gear
and systems undertook a product review during the year and subsequently withdrew
from one area of business that showed little future profit potential and one
that would require substantial investment but which could well fall prey to high
volume competition from the Far East. These actions caused a loss of turnover
and some profit but I am pleased to report that virtually all of the vacated
capacity has been taken up reducing lead times and improving service to existing
customers and for the manufacture of a new emergency lighting system. Despite
these events Mackwell's turnover ended the year up 7% with a profit up 6% over
last year.

Compact Lighting
Compact Lighting, supplier of display lighting to the retail trade enjoyed a
busy year with mixed success, producing a turnover up 15% on last year but with
a 26% reduction in profit level. Certain well known High Street names on
Compact's client list delayed refurbishment programs due to uncertainty in the
retail market and although new customers were gained some of the new business
proved more difficult than expected.

Philip Payne
Philip Payne, the Group's manufacturer of quality specialist and bespoke exit
signage has enjoyed a mixed trading year with a patch of poor business over the
election period, although it is difficult to understand why this occurred in the
case of Philip Payne. Opportunity was taken, however, during that time to
re-appraise the Company structure and instigate changes to enable future growth.
This appraisal resulted in strengthening of human resources from fourteen to
seventeen people and Payne is now well set to resume growth well beyond current
levels. The result of this unusual pattern of trading and the reappraisal left
Philip Payne some 6% down on turnover and 24% down on profit. Profit to sales
ratio was still perfectly respectable and I am pleased to report that at,
this time, trading at Payne's is back to, if not in excess of previous levels.

Sugg Lighting
Sugg Lighting, manufacturer and refurbisher of heritage lighting, suffered a
severe down turn in business for some five months over the election period which
caused an unfortunate return to losses after a period of five months of
profitability. Sales order input has now returned to that of last years levels
but the increase in sales required to put Sugg on a firm footing is still
elusive. Your board is currently considering a number of options.

People
It has been said that a business runs on its people. Well a short number of
years ago the company found it very difficult to recruit people at all. Over the
last year or so, a fresh wind has been blowing from the direction of Central
Europe bringing with it many of our current work force. It is rewarding to find
people who want to work and accept our offer of jobs. To these new arrivals and
to our more long standing employees may I, again, offer our thanks for their
loyalty and diligence over the last year.

The Future
The cautionary tune mentioned in earshot last year did not bring great tides of
woe, however, some of the words of the song still hang in the air and those
involving house prices, retail sales, pressures on government budgets seem to
give more concern now than twelve months ago. I must say again, therefore, that
your company will continue to drive forward, continue to try and please its
customers with service and products and we must still trust that our markets
will stay fair.

Andrew Thorpe
Chairman

20 September 2005

Group Profit and Loss Account                                 2005        2004
                                                             £'000       £'000
Turnover - continuing operations                            41,572      37,258

Operating profit - before exceptional items                  5,822       5,020
Exceptional items                                             (422)          -

Operating profit - continuing operations                     5,400       5,020

Interest receivable and similar income                         440         342

Profit on ordinary activities before taxation                5,840       5,362
Taxation on profit on ordinary activities                   (1,479)     (1,479)

Profit on ordinary activities after taxation                 4,361       3,883

Dividends                                                   (1,187)     (1,014)

Retained profit for the year                                 3,174       2,869
Earnings per ordinary share
- ordinary                                                    36.9p       33.1p
- diluted                                                     36.5p       32.5p

Dividends per share                                           10.0p        8.6p

Group Balance Sheet                                        As at         As at
                                                        30.06.05      30.06.04
                                                           £'000         £'000
Fixed assets
Tangible assets                                            9,335         9,343
Investments                                                  258           281
                                                           9,593         9,264
Current assets
Stocks                                                     7,267         6,599
Debtors                                                   10,622         8,355
Investments                                                   70            70
Cash at bank and in hand                                   8,414         7,554
                                                          26,373        22,578

Creditors: amounts falling due within one year            (7,256)       (7,053)

Net current assets                                        19,117        15,525

Total assets less current liabilities                     28,710        25,149

Provisions for liabilities and charges
Deferred taxation                                           (711)         (403)

Net assets                                                27,999        24,746

Capital and reserves
Called up share capital                                    1,184         1,177
Capital Redemption Reserve                                   135           135
Share premium account                                        545           473
Profit and loss account                                   26,135        22,961

Equity shareholders' funds                                27,999        24,746

Group Cash Flow Statement                                      2005       2004
                                                              £'000      £'000
Net cash inflow from operating activities                     4,239      4,379

Returns on investments and servicing of finance
Interest and dividends received                                 440        342

Taxation
UK corporation tax paid                                      (1,758)    (1,230)

Capital expenditure and financial investment
Purchase of tangible fixed assets                            (1,170)    (1,958)
Sale of tangible fixed assets                                    56         66
Sale/(Purchase) of fixed asset investments                       28        (37)
Net cash outflow for capital expenditure and financial
investments                                                  (1,086)    (1,929)

Equity dividends paid                                        (1,054)      (811)
Cash inflow before financing                                    781        751
Financing
Issue of shares                                                  79         68
Repayment of hire purchase and finance leases                     -         (7)
Cash inflow from financing                                       79         61
Increase in cash in the period                                  860        812

Notes:
1. Reconciliation of operating profit to net cash inflow from operating
activities
                                                               2005      2004
                                                              £'000     £'000

Operating profit                                              5,400     5,020
Depreciation                                                  1,148     1,168
Profit on sale of fixed assets and fixed asset investments      (31)      (18)
(Increase) in stocks                                           (668)     (403)
(Increase) in debtors                                        (2,267)   (2,052)
Increase in creditors                                           657       664
Net cash inflow from operating activities                     4,239     4,379
2. Reconciliation of movement in net funds
                               1 July 2004       Cashflow         30 June 2005
                                     £'000          £'000                £'000

Cash at bank and in hand             7,554            860                8,414
Liquid resources                        70              -                   70
Net Funds                            7,624            860                8,484

3. Ordinary earnings per share is calculated by dividing the net profit
attributable to shareholders of £4,361,000 (2004: £3,883,000) by the weighted
average number of ordinary shares in issue during the year of 11,825,715 (2004:
11,743,094).
For diluted earnings per share, the weighted average number of ordinary shares
in issue is adjusted to assume conversion of all dilutive potential ordinary
shares. The weighted average number of ordinary shares is calculated at
11,943,559 (2004: 11,943,559).

4. Under present regulation, the Company is required to adopt International
Financial Reporting Standards for the financial year ending 30 June 2006. A
preliminary review has shown that the major impact of the first-time adoption of
the new accounting standards will arise from the introduction of IAS 19 relating
to pension costs. The current effects of adoption of FRS 17 relating to pension
costs are disclosed in the notes to the Annual Report and Accounts of the Group.

Dates:

AGM: 10-Nov-2005

Dividend payment date 17-Nov-2005

Ex-dividend date 28-Sep-2005

Record date 30-Sep-2005


The above financial information does not constitute statutory accounts within
the meaning of Section 240(5) of the Companies Act 1985. The statutory accounts
have not been delivered to the Registrar of Companies but will be delivered in
due course.

The unaudited preliminary information included herein has been prepared on the
basis of the accounting policies as set out in the annual financial statements
for the year ended 30 June 2004. The Auditors have given an unqualifed report on
those statutory accounts.

ENQUIRIES to the Chairman: Andrew Thorpe, F W Thorpe Plc, Redditch.
Tel: [phone]






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